ECON Chapter 10 - Custom Scholars
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ECON Chapter 10

question
implicit
answer
cost is defined as a cost of production that does not entail a direct money payment
question
shows the lowest average cost facing a firm as it increases output changing both its plant and labor force.
answer
The long-run average cost curve
question
To produce more output in the short run, a firm must employ more of
answer
its variable resources
question
Suppose a firm's total revenue is $1,000,000. The firm has incurred explicit costs of $750,000. There is also $50,000 of forgone wages by the owner, $10,000 of forgone interest by the owner, $3,000 worth of economic depreciation, and $20,000 worth of normal profit. What is the firm's economic profit?
answer
167,000
question
April quit her job as an accountant at Ernst and Young, where she was paid $45,000 per year. She started her own landscaping business. She rents machines and tools for $50,000 and pays $10,000 as wages to her help. These are her only costs. April earned total revenue of $100,000. Which of the following statements is true?
answer
she has an economic loss and her accountant calculates her profit as 40,000
question
Average total cost is equal to
answer
average fixed cost + average variable cost. and total cost ÷ quantity
question
Which of the following contributes to increasing marginal returns?
answer
specialization of labor
question
A firm's total revenue minus its total opportunity cost is called its
answer
economic profit
question
Anna owns a dog grooming salon in Brunswick, Georgia. The above table has Anna's total product schedule. Anna pays each worker $300 per week and she pays rent of $600 a week for her salon. These are her only costs. When Anna has a staff of 2 workers, her average variable cost equals
answer
$6.00
question
The main source of economies of scale is
answer
greater specialization of both labor and capital.
question
When the long-run average cost curve is downward sloping,
answer
economics of scale are said to be present
question
As we observe the cost curves graph, we see that the
answer
MC curve intersects the AVC curve and ATC curve at their minimums
1 of 12
question
implicit
answer
cost is defined as a cost of production that does not entail a direct money payment
question
shows the lowest average cost facing a firm as it increases output changing both its plant and labor force.
answer
The long-run average cost curve
question
To produce more output in the short run, a firm must employ more of
answer
its variable resources
question
Suppose a firm's total revenue is $1,000,000. The firm has incurred explicit costs of $750,000. There is also $50,000 of forgone wages by the owner, $10,000 of forgone interest by the owner, $3,000 worth of economic depreciation, and $20,000 worth of normal profit. What is the firm's economic profit?
answer
167,000
question
April quit her job as an accountant at Ernst and Young, where she was paid $45,000 per year. She started her own landscaping business. She rents machines and tools for $50,000 and pays $10,000 as wages to her help. These are her only costs. April earned total revenue of $100,000. Which of the following statements is true?
answer
she has an economic loss and her accountant calculates her profit as 40,000
question
Average total cost is equal to
answer
average fixed cost + average variable cost. and total cost ÷ quantity
question
Which of the following contributes to increasing marginal returns?
answer
specialization of labor
question
A firm's total revenue minus its total opportunity cost is called its
answer
economic profit
question
Anna owns a dog grooming salon in Brunswick, Georgia. The above table has Anna's total product schedule. Anna pays each worker $300 per week and she pays rent of $600 a week for her salon. These are her only costs. When Anna has a staff of 2 workers, her average variable cost equals
answer
$6.00
question
The main source of economies of scale is
answer
greater specialization of both labor and capital.
question
When the long-run average cost curve is downward sloping,
answer
economics of scale are said to be present
question
As we observe the cost curves graph, we see that the
answer
MC curve intersects the AVC curve and ATC curve at their minimums
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